FxWirePro: USD/ZAR trades in narrow range, South Africa’s CPI data in focus

• USD/ZAR is currently trading around 13.97 levels.

• It made intraday high at 13.99 and low at 13.96 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 13.94 mark.
   
• A daily close above 14.04 will take the parity higher towards key resistances around 14.23, 14.45, 14.51, 14.57, 14.68 and 14.77 marks respectively.
   
• Alternatively, a daily close below 13.94 will drag the parity down towards key supports at 13.70, 13.46, 13.38, 13.20, 13.01, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• South Africa will release CPI as well core CPI data at 0800 GMT.

We prefer to take short position on USD/ZAR only below 13.90, stop loss 14.10 and target of 14.70 mark.

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